Tips for Filing your FAFSA and Financial Aid Deadline Reminders

There have been some important changes to the application process for the 2012-2013 school year that you should be aware of before completing your FAFSA.

The U.S. Department of Education, in cooperation with the Internal Revenue Service, is making a new Data Retrieval Tool available to all FAFSA filers on February 1, 2012.  This tool will allow you to import certain data elements from your federal tax return directly into your FAFSA.  However, in order to utilize this new tool, it is very important that you file your taxes BEFORE you file your FAFSA.  Information from electronically filed tax   returns will be available two weeks after filing your tax return.  However, information from paper tax returns submitted by mail won’t be available for importing for up to eight weeks.

If you choose to utilize this new tool, your FAFSA is less likely to be selected for verification.  However, if your FAFSA is chosen for verification, a tax return transcript obtained from the IRS must be submitted to the Financial Aid Office.  The U.S. Department of Education has informed us that photocopies of tax returns are no longer acceptable for verification.

OK–So by now you’re probably asking, “What does all this mean for me?” 

 1. File your taxes as early as possible!

 2. If you filed your taxes electronically, the Data Retrieval Tool will be available to import your tax information to your Renewal FAFSA two weeks after filing your taxes.

Remember – you must complete your Renewal FAFSA and submit your MLC Financial Aid Application by April 15th to be considered for MLC Grants.

(You can fill out your FAFSA using estimated tax information, but your FAFSA will need to be updated with the correct information once your taxes are completed. The best way to update your FAFSA is to use the Data Retrieval Tool.)

3. Wait to hear from us – we’ll let you know if we need any further information.

For students whose fathers are ministers of the gospel, the data retrieval process does not import all of the necessary information needed to determine the correct financial aid. FAFSA instructions do not adequately address two critical areas:  Section 107 Housing Allowance and the credit for self-employment tax paid as identified on Schedule SE.  To help assure that these students receive the correct financial aid, MLC may request tax returns and W-2 forms as well as a tax transcript (if required by the Dept. of Education).

What happens next? 

MLC will receive your FAFSA data electronically from the U.S. Department of Education. We may then request additional documentation to verify the FAFSA data.  Priority consideration for MLC need-based grants is provided to students who submit documentation by May 15, 2012. After we receive the documentation, we will send you an award letter announcing your grants and loan eligibility.

REMEMBER: To be considered for MLC Grants, the deadline to file the 2012-13 FAFSA and to submit the MLC Financial Aid Application is April 15, 2012, and November 1, 2012, for Semester II enrollees
SALEM GRANT APPLICATIONS will be mailed to pastoral studies students in the spring
FOR QUESTIONS REGARDING YOUR FAFSA: call MLC Financial Aid office (507-354-8221) or Federal Financial Aid at 1-800-433-3243 (1-800-4FEDAID)

To ensure that financial aid is included on your first billing statement be sure to meet deadlines. 

To ensure that financial aid is included on your first billing statement be sure to meet deadlines.